Air embolism is a serious complication of central venous catheters that occurs when air enters the vasculature through an open catheter lumen or insertion site. Symptoms include cyanosis, respiratory distress, and hypotension. Treatment involves giving 100% oxygen and placing the patient on their left side to displace air from the heart. Prevention strategies include using luer-lock connections, avoiding tubing loops, covering sites after removal, and having patients hold their breath during catheter removal.